Oman's budget surplus dips to USD1.59b in Q1

(MENAFN) Oman's budget surplus declined to USD1.59 billion in the first quarter of this year, down from USD2.41 billion registered in the same period last year, Times of Oman reported.
According to the information from National Centre for Statistics and Information, net oil revenue declined by 4.7 percent, hitting USD6.69 million from USD7.03 million, attributed to a fall in international oil prices.
Although oil production edged up by 1.1 per cent to 113.09 million barrels in the first quarter, average price of Oman crude fell by 2.2 per cent to USD105.73 per barrel from USD108.07 per barrel.
As a result, the Sultanate's total revenue in the first quarter fell by 7 per cent to USD 8.32 million from USD 8.95million, while total expenditure was up by 2.9 per cent to USD 6.73 million.